Wednesday, March 4, 2009

New Agreements Struck With Mohegan Gaming Authority Executives

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The Mohegan Tribal Gaming Authority filed a report to the federal Securities and Exchange Commission on new agreements with the senior executives of the casino:

"On February 23, 2009, the Mohegan Tribal Gaming Authority (the “Authority”) executed employment agreements with each of Mitchell Grossinger Etess, Chief Executive Officer of the Authority, Jeffrey E. Hartmann, Chief Operating Officer of the Authority, and Leo M. Chupaska, Chief Financial Officer of the Authority. These agreements amend and restate the previous employment agreements with each executive. The terms of the agreements for Messrs. Etess and Hartmann commenced as of January 1, 2009 and expire on June 30, 2012, with annual base salaries of $1,358,291 and $1,285,565, respectively. The term of Mr. Chupaska’s agreement commenced as of January 1, 2009 and expires on June 30, 2011, with an annual base salary of $721,856. The agreements also reflect, among other things, the agreement by each executive to forgo their 2009 annual 5% salary increase and includes a 10% reduction in each executive’s salary. The agreements for Messrs. Etess and Hartmann contain automatic renewals for an additional five year term unless either party provides notice to the other on or before the 120th day prior to the end of their agreement’s stated term of an intention to terminate at the stated termination date."

The entire filing can be viewed at:
http://www.hoovers.com/free/co/secdoc.xhtml?ID=51317&ipage=6445934-716-8440